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The freedom of information act note would not specify as to where the earners worked within the regulator.

The FSA also revealed that turnover has reduced from 13.1 per cent in 2007, to 9.2 per cent in 2008 and 4 per cent in 2009. Since 2007, 35 employees earning a six-figure salary have left the FSA for a variety of reasons.

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19th December 20188:33 am

Comments

There are 48 comments at the moment, we would love to hear your opinion too.

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The UK financial services industry is not an inexhaustible cash cow, despite the FSA treating it thus, and it is patently unjust that the IFA sector is charged a wholly disproportionate percentage of the total cost of supporting the current regulatory system.

This is disgraceful – IFA’S are paying for these people to have jobs that pay unbelievable amounts of salaries.

What have they done to justify their earnings ?

We pay our fees yet receive no service in return.

Look at all the advisors caught up in Network change-overs such as Park Row and 2Plan who haven’t been able to earn a living for almost 8 months yet we have the people that are running the FSA earning crazy sums.

The FSA are faceless and the biggest hinderince to the Financial Service Industry. They need completely overhauled and replaced with a more transparent and open organisation that works with IFA’s not against them.

How about treating IFA’s / Advisors fairly for a change and giving us some value for money – afterall, without us you wouldn’t have a job as there’s no chance of actually taking action & extortionate fees from the banks!

It really makes me angry to learn of the amount of FSA staff that earn more than what would be acceptable for the jobs they do.

Far too many staff are under qualified, unskilled, unprofessional, lack basic communication skills & manners and have no idea what it is the FSA are supposed to be doing!

Too many policies, crazy criteria, lack of understanding and ultimately a law unto themselves.

Coming on top of some of the recent revelations of the FSA’s disgracefully imprudent expenses fiasco, this just makes my blood boil even more!
So, whilst many experienced and qualified intermediaries buckle under the pressure of the credit crunch and the soaring cost of regulation, the regulators themselves are feeding voraciously from the trough which we pay into…

WTF ! I am so glad the FSA has increased my fees by 33% this year. Need to keep paying these donkeys the £100,000 + wages that they dont deserve. maybe they will totally ruin the country next time they fail to supervise the banks properly. Hmmmm !!

I think they all deserve a proper rise as they all do such a great job!

Create financial stability
Create consumer confidence
Always catch the bad boys
Know what they are talking about
Create really fair rules for the industry to work in
Keep out bad practices
Have a great vision and protect all consumers
The FSA is a great asset to the UK
World Class Regulator – great example to world
Good and honest employees
Highly qualified staff
Increase consumer choice etc etc etc…

Give them more and please put our fees up as we pay too little for this great regulator…………………..

Here we go again those nice people at the FSA are using our money to line their pockets. This really is the final straw George Osborne get rido the FSA and put in its place an organisation that understands Financial Services and does not keep takinghe proverbial with our money

I have in the past referred to the people who run the FSA as educated idiots, i now feel i must retract that They are educated and we financial advisers who who work long hours and care about our clients OH and study at the behest of these educated “people” for the want of a better word,
we are the idiots, roll on 2012 lets all leave and leave the FSA to it.

Enough is Enough – many brokers have gone to the wall or are doing different jobs since the banks who were NOT regulated properly destroyed this economy.

So bankers made huge losses plus destroy the whole of the UK’s economy and they get huge pay and bonuses – FSA didnt regulate those banks properly which allowed them to do that and they get huge pay and bonuses….

Us brokers do the slightest thing worng and the FSA is closing our door and issuing huge fines. Treating Customers Fairly… IFA’s and Brokers am one of the FSA’s & Bank’s Customers and we dont get treated failry at all.

Absolutely disgraceful. Their gross inefficiencies allowed Banks and Yanks to bring the nation to it’s knees with many intermediaries who fund these astronomic salaries struggling to survive. This is a scandal and needs to be broadcast to your newly elected ‘hung’ parliament in the hope that a radical overhaul of this organisation is fast tracked. I wonder how many self certified their mortgage applications? These salaries are totally out of touch with reality. Despicable!

If these morons have the temerity to respond they will probably come off with the cliche “We have to pay martket rates to attract and retain talened staff required to do the Job at hand”. If the FSA think that what they have currently got is talent (considering all the failings that have happened then no wonder we are all in such a bad state. Its pathetic and I like most IFA’s in this world am totally disgusted with the regulator. Thare an expense that the country, industry and consumers could well do without.

Someone needs to get their act together. I have never been so disgusted in my life. the have just drummed out several people, who becasue of the recession cannot find £1100- £1700 in fees. This just proves that the FSA just do not understand what is happening out there and they are just getting their nose deeper and deeper in the trough. If we treat our clients the same way the FSA treat us we would be hung, drawn and quartered by them

I never heard anyone moan about the MCCB nor do I think they earned anything like these fees. There is no point complaining because like MP’s these people do not live in the real world. They do not understand that £100K+ is a huge salary, they think it mediocre. I have said it before and I will keep saying it the FSA is a BODY that is out of control, it is a man made monster and so long as the people that run it are allowed to run it as they see fit they will keep the wheels turning and think of new ways to make themselves indispensible and able to charge what they like – sounds a bit like a monopoly – which they would not allow in the financial world. They are not effective in what they do, they are obviously not respected within our own industry and they are not cost effective. So why are they there !!

Having seen this, I am well and truly xxxxxx off.
The whole world has gone daft or am I just jealous. It would appear that the more crooked that you are in life the better off you become. IFAs now live in a world of fear whilst these people can dish it out and take the coats of our backs.

Want to know what is wrong with UK plc? Go catch the Canary Wharf Gravy Train – not one of them know hows to run and business, look after their clients (us). They don’t know much about regulation come top that. Oh but they are rather good and fee increases and the decimation of 10,000 IFA responsible for so few compliants.

I’m pretty certain that if the top 20 highest paid donkeys at the FSA didn’t turn up for work for the rest of the year that the organisation would still continue without them. Poor performance of the FSA couldn’t possibly get worse, could it? Wow,amazing I’ve just come up with a cost saving exercise and I haven’t even conducted a feasibility study.

I think one must not too carried away, as the FSA is a huge beast. If they are ever to get any near catching the banks and regulate them correctly, they have to big salaries to ex-bankers to get them onside and who have the ability and knowledge to do the job. It takes a thief to catch a thief and all that.

If they don’t pay big salaries, then all the smartest people will just go and work for a bank and they will never be able to regulate them properly.

The number of grammmatical errors including spolling mistarkes, punctation in addishion to terrible mathematical errors on this site is unreal. Is it any wonder the FSA don’t take the IFA industry seriously?

The sooner higher levels of educational requirements for IFA’s/ bank advisers finally comes in, the better for all concerned.

I watched the Godfather again the other night – wonderful film – and it got me thinking: The Corleone family made theirr ill gotten gains through protection rackets; you know forcing people to pay them to protect their business when at the same time beating them up or putting them out of business. Is it just me or do some of the rest of you draw the same parallels with the FSA?

LOL, poor FSA being exposed. Let’s face it guys after all they allowed the Banksters to get away with the robbery we all know about, so they felt they should jump into the gravy wagon. The Lib-con government should close the FSA, just another Quango for the “boys”. Should give the Bank of England the authority to regulate the Banksters and the rest should be refulated by the OFT.

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